Your Voice Date: 15-03-2016
LEVEL PLAYING FIELD WITHPUBLIC DISCLOSURE
Name : JASWINDER SINGH Firm Name : JASWINDER SINGH
ARN No : 87764 City : PATIALA
Recently we all have seen that finance ministry tried out to make EPF with-drawl taxable to making it similar on the lines of NPS, thus FM tried to create a level playing field for both organisations.
but in case of banking sector in compare with mutual funds, still a double standards exist. for example in mutual fund sector, there is a statutory disclaimer to be mentioned in each communication- that the mutual fund investments are subject to market risk. That is right & very much true. But No where is banking it is mentioned that your Account is guaranteed by bank for Rs. One lakh only. As we all know that bank provide guarantee of Rs. one lakh per Account
But it is very sorry to say that, it is not mentioned it any bank branch or bank document or its advertisement or Account opening form or FDR form. Moreover, i have experienced that even so many bank employee does not know this.
So finance ministry should make level playing field by making it mandatory for all financial organisations to clarify information on every type of risk on deposits, who deals with the public.